According to the federal budget, the arrival of 1.5 million migrants will further widen the gap between home construction and population growth.
The state and local government’s delay in approving new homes has heightened the housing supply problem. Tradesmen also say there is a lack of new homes because “builders are going bust” due to the high cost of materials, labour and interest rates.
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Migration surge to add more demand to Australia’s economyJudo Bank Economic Advisor Warren Hogan says the migration surge will add more pressure to an already “overheating” economy. “Of course, there’s the benefit that this will help alleviate labour shortages and that will be welcomed by many businesses and other organisations, but it's more than just helping with labour shortages,” Mr Hogan told Sky News host Amanda Stoker. “This is going to add demand to the economy and the most sort of critical point we're seeing at the moment is in the rental housing markets where rents are surging on a basic shortage and this is a reason this a big part of the shortage.”
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Building crash, migration surge to inflame housing crisisA plunge in new home building to a 10-year low will collide with the arrival of a record 1.5 million migrants, worsening housing shortages, driving up rents and inflating real estate prices.
Source: FinancialReview - 🏆 2. / 90 Read more »
Building crash, migration surge to inflame housing crisisA plunge in new home building to a 10-year low will collide with the arrival of a record 1.5 million migrants, worsening housing shortages, driving up rents and inflating real estate prices.
Source: FinancialReview - 🏆 2. / 90 Read more »